TRADING UPDATES: Financials Acquisition raises GBP150 million in IPO

Thu, 07th Apr 2022 21:58

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Financials Acquisition Corp - special purpose acquisition company focused on insurance technology - Raises gross proceeds of GBP150 million from IPO, consisting of 15.0 million class A shares, with matching warrants being issued, at a price of GBP10.00 per share. Previously says it will pay special attention to companies operating in the UK and across Europe. The SPAC is headed up by former Munich Re AG executive Andrew Rear as executive chair, and William Allen, a former managing director at investment banking firm Keefe, Bruyette & Woods Inc, as chief executive officer.

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Greencoat Renewables PLC - Dublin-based investor in euro-denominated renewable energy infrastructure assets - Acquires 21 megawatt Soliedra wind farm from Alfanar Global Development - the company's second renewables transaction in Spain. The wind farm is located in Soria, in the region of Castilla y Leon, Spain and consists of six turbines that have been operational since May 2021. "The transaction is in line with Greencoat Renewables' European growth strategy and follows the company's expansion into France, Finland, Germany and Sweden," company says. No financial details disclosed but notes total borrowings now represent 40% of gross asset value.

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McColl's Retail Group PLC - Brentwood, Essex-based convenience store chain - Notes recent rise in share price and confirms that it does not know of any reason for this price movement. Shares soared 61% in London on Thursday to 3.22 pence, but are still down 72% in 2022. Company adds: "As previously announced, the group remains in ongoing dialogue with its lenders with a view to achieving a longer-term agreement in relation to the balance of its existing facility, however, there is no certainty as to the successful outcome of these discussions."

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Sopheon PLC - enterprise software provider - Releases series of upgrades to its flagship product, Accolade. "Innovation projects face many speed bumps on the road from inception to the market. Sopheon has smoothed the road to innovation success with these latest communication and collaboration enhancements," says Michael Bauer, chief product officer. "Sopheon's Accolade provides the perfect mix of self-reliance, accountability, transparency and decision-making capabilities for ensuring new product success."

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Boku Inc - London-based mobile payments - Its M1ST platform launches PayPay mobile wallet payments for Netflix in Japan. "With this launch, PayPay's more than 45 million users can now pay for streaming subscriptions within Netflix," company explains. Chief Executive Jon Prideaux says company is "thrilled".

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Access Intelligence PLC - London-based software-as-a-service products provider - Notes "number" of contract wins across the globe. "At the time of our trading update in January we commented on the progress being made within our core business. We are delighted that new clients have continued to sign up for services with the group since the beginning of the financial year," company explains. Says, in EMEA and North America these contracts include Reddit, Amazon, Aston Martin and KPMG. Notes new contract wins from global companies such as Woodside Energy, Tiffany & Co, Netflix, Nestle and Chevron as well as new wins in the public sector working with government divisions in Singapore and Malaysia. Chief Executive Joanna Arnold says company "delighted" with contract wins.

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Panther Metals PLC - mineral exploration in Canada - Enters option and sale and purchase agreement with Shear Gold Exploration Corp to purchase a substantial claim holding including the West Limb and Glass Reef gold properties, on the Eagle-Manitou Lakes greenstone belt. The project covers total area of about 98,000 square metres and is located within the gold endowed Kenora district, about 300,000 metres east of Thunder Bay and equidistant between the towns of Fort Frances and Dryden in north-western Ontario, Canada. Will pay CAD11,325 to Shear, and has committed to CAD325,000 to be expended over years one and two, with further CAD400,000 to be expended between the second and fourth annual anniversaries. Shear keeps net smelter return royalty of 2% over the 32 multicell mining claims. Panther can buy 50% of net smelter return for CAD1 million.

Separately, signs sale agreement for the transfer of 128 mining claims, constituting company's Big Bear project located on the Schreiber-Hemlo greenstone belt. Sells claims to Canadian subsidiary of Fulcrum Metals Ltd, an Irish registered company, which is seeking an initial public offering on AIM. Company will net 20% of the entire issued share capital in Fulcrum as consideration shares, and a payment of GBP200,000 and the grant of a 2% net smelter return royalty.

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Cadence Minerals PLC - London-based investment company focused on mineral resources sector - Restarts sale and shipment of its iron ore stockpiles from Santana, Amapa, Brazil. Company says: "This shipment represents the first export of iron ore since Cadence vested its equity interest - 27% - in the Amapa iron ore project earlier this year. The shipments completed last year were approved via a court petition and were before our equity interest in the Amapa project." Expects this shipment will complete this month, and will continue with the shipment and sale of its 58% iron ore stockpile. There is currently about 1.25 million tonnes stockpile at its port in Santana.

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Kropz PLC - African phosphate developer - Starts site visits at Elandsfontein operation in South Africa for potential small local buyers of phosphate rock concentrate.

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By Paul McGowan; paulmcgowan@alliancenews.com